Market Look

Futures down decently this morning. REMEMBER, we are watching financials to see if any other cracks in the armor show up. We are now in the 5th week of pullback/corrective work. So far, it is nominal but financials remain under the 50 day and remain on the soft side. Bulls do not want to see…

Good comeback by the market as financials stopped the ugly, reversed a bit and of course, the market followed. But the Russell was down the equivalent of 200 Dow points and areas like autos, auto parts, auto parts retail are crumbling. So…fewer and fewer stocks and stuff working…so pay attention. Pay close attention.

We have been telling you for about two weeks about our worry with the recent action in financials. They are being distributed with in our eyes, near term bearish patterns. We bring this up because since the election, financials led the market up. It is not a reach to say if they head lower, they…

Futures up a wee bit. We are watching closely here as we enter earning’s season…especially financials. On Friday, C, JPM, PNC and WFC report. The reactions will be important as financials have had some distribution recently. Since they have led up, we have to watch if things worsen, will they lead down. So far, nothing…

We will have a bigger report on Sunday but: Tech acts well. Internet acts well. Beta acts well but: JUST WATCHING FINANCIALS. They rallied up a little bit this week but the pattern, to our eyes, is suspect. It looks like a topping process. Bad break, rally up into resistance (which was support) and moving…

Wish we had more to say…futures down a wee bit as it looks like the market may be settling into some rangebound action. This is not bad at all. The market does need rest. The market does not to work off some froth. The good news is that while it rests, the action underneath for…